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We have taken advice and found we have no need to have our our Financial reports audited.
1. The Companies Register (Societies & Trusts) do not require them to be audited, nor submitted to them for filing.
2. Under the Charities Act 2005, charities that have expenditure of less than $500,000 for each of the previous two years periods do not require review nor audit.
3. Our Deed of Trust does not require an audit.
As almost all our transactions are electronic, we have a very easily traceable system. There is little chance of cash or cheques "going missing" as we don't deal with them.
An auditor, in the true sense of the word will need to examine every invoice and bill to try to ascertain whether there are any discrepancies. In reality, there is little they could effectively audit as there are no goods in or out to trace. This is a very expensive activity with little real benefit.
A review could be carried out, but in effect, this is what our chartered accountants are doing.
There are people who will review the financials for discrepancies, but this is not a true audit and they only review what is given to them.